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Galaxy Resources Ltd.
Summary
| Project: | Mt Cattlin | |
|---|---|---|
| Deposit: | Mt Cattlin | |
| Location: | Australia | |
| Commodities: | Lithium-Tantalum-Iron | |
| Date: | 8/20/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 20-8-2018: Galaxy Resources Ltd. announces a Resource Estimation report for its Mt Cattlin deposit at the Mt Cattlin project. Updated mineral resource estimate for Mt Cattlin. Galaxy Resources Limited ("Galaxy" or the "Company") (ASX: GXY) is pleased to a | |
| Resources: | (Resource, Total): 11.8Mt @ 1.25% Li2O, 1.13% Fe2O3, 174ppm Ta2O5 at Mt Cattlin | |
| CP/QP: | [Resources]: David Billington (Mining Plus Consulting Pty Ltd.) | |
| ABSTRACT: | Galaxy Resources Limited ("Galaxy" or the "Company") (ASX: GXY) is pleased to announce a Mineral Resource update following drilling activities undertaken during the first half of 2018 at theMt Cattlin Project inWestern Australia. There has been a 14% increase inMeasured and Indicated Resource (excluding surface stockpiles) after depletion for mining during the period January to May 2018 compared with the equivalent position as at 31 December 2017. The increase has been the result of in-fill drilling completed during this period. The global resource is stated within a conceptual Whittle4x optimized open-pit shell with revenue factors of US$900 per tonne for 6% Li20 concentrate and FX of 0.75 for USD:AUD exchange rate (Table 1). The resource update reflects drilling and sampling completed in 2018, with 17,869 additional meters drilled, 3,648 additional samples and 301 additional drill holes. The Mt Cattlin resource database comprises 3,110 drill holes drilled predominantly by reverse circulation (RC) supported with diamond drilling (DD) and earlier reverse air blast (RAB) and open hole methods, for a total of 138,158 meters of drilling, predominantly vertically orientated. Galaxy has commenced implementing a series of capital works at Mt Cattlin, which includes the installation of an ultra-fines DMS (dense media separation) circuit and process optical sorting, which will further optimize processing efficiencies and is expected to assist in improving plant recoveries to a targeted 70-75%. The Mineral Ore Reserve will be updated once the yield optimization program completes and improved recovery parameters are established. | |
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